It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
BLACKBERRY COBBLER: SOUTHERN SUMMER MEMORIES
This easy blackberry cobbler recipe is full of plump berries and sweet dumplings that simmer along with a red wine blend until they come together in a thick, sweet compote. The red wine blend enhances the flavor of the berries and brings out bright flavors that keeps this classic southern dessert from being too sweet. Just add a buttery lattice top and bake to sweet perfection! This unique recipe was created in partnership with one of our favorite Restless Chipotle sponsors, CK Mondavi and Family. All opinions are my own.
For this recipe you’ll need: flour, sugar, salt, butter, vanilla, ice water, fresh blackberries, CK Mondavi and Family Red Blend wine (formerly called Scarlet 5)
Easy blackberry cobbler recipe is southern style - full of plump berries and sweet dumplings that simmer along with red wine until they come together in a thick, sweet compote.
Ingredients
For the crust:
- 2 cups flour
- 2 tablespoons sugar
- Pinch salt
- 1/2 cup butter
- 1/2 teaspoon vanilla
- ½ cup ice water
For the cobbler:
- 4 cups blackberries , rinsed and gently patted dry
- 1 cup sugar
- 1/3 cup butter
- 1 cup water
- 1/2 cup CK Mondavi and Family Red Blend wine
- US Customary - Metric
Instructions
For the cobbler crust:
- Mix flour, sugar, and salt.
- Shred 12 tablespoons butter into flour with the coarse side of a grater.
- Add vanilla to ice water.
- Slowly stir ice water into the flour mixture with a fork just until dough begins to form.
- You'll see shreds of butter in the dough.
- Divide dough into 2 disks and chill for 30 minutes.
- Wrap tightly and place in freezer to chill prior to using.
For the Cobbler:
- Preheat oven to 425 degrees.
- Remove pastry for cobbler crust from the freezer and roll.
- Cut ½" strips in both portions of the dough.
- Combine berries, sugar, 6 tablespoons butter, wine, and water in heavy bottomed pan and bring to a boil.
- In one half of the dough, cut strips again to form individual pieces for dumplings.
- Drop into simmering blackberries and occasionally stir gently to make sure all dumplings are cooked.
- Cook over medium heat until thick.
- Remove cobbler pan from heat and place second half of the dough in a lattice pattern on top of the blackberries.
- Place pieces of butter on top of lattice crust and sprinkle with sugar.
- Place into oven and bake for about 20 minutes or until crust is lightly browned.
- Remove from oven and allow to cool for at least 10 minutes before serving.
Recipe Notes
You may want to use less pastry for dumplings and more on the top.
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